Strategy Bitcoin Buying Faces Cash Reserve Crunch

Strategy Bitcoin buying has raised concerns about cash reserves as they decline by 38% since early 2026. This comes as STRC dividends have increased, putting pressure on the company's capital structure.

CryptoQuant, a data analytics firm, is calling for a model-based framework to guide BTC buying and selling decisions. The firm argues that steady buying may now be defending a trading range rather than driving a clean rally.

Julio Moreno, head of research at CryptoQuant, suggests that Strategy should pause new Bitcoin purchases until cash reserves improve. He notes that the company's annual dividend obligations have risen from $300 million to $1.2 billion in just six months, reducing its fiat buffer.

CryptoQuant estimates that Strategy needs about $2.8 billion in cash to rebuild dividend coverage over the next two years. Moreno believes that stronger cash reserves would be a clearer signal for STRC investors and suggests that pausing dividends or selling Bitcoin may not be viable options under current conditions.